Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) Short Interest Update

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) was the recipient of a significant growth in short interest in June. As of June 15th, there was short interest totalling 54,630,000 shares, a growth of 9.3% from the May 31st total of 49,960,000 shares. Based on an average daily volume of 5,860,000 shares, the days-to-cover ratio is presently 9.3 days. Currently, 24.4% of the company’s stock are sold short.

Iovance Biotherapeutics Price Performance

Shares of NASDAQ IOVA traded down $0.22 during trading hours on Wednesday, hitting $7.51. 2,503,058 shares of the company’s stock were exchanged, compared to its average volume of 7,867,559. Iovance Biotherapeutics has a 1-year low of $3.21 and a 1-year high of $18.33. The stock has a market capitalization of $2.10 billion, a price-to-earnings ratio of -4.29 and a beta of 0.63. The company’s 50-day moving average price is $9.87 and its 200-day moving average price is $10.85.

Iovance Biotherapeutics (NASDAQ:IOVA) last posted its quarterly earnings data on Thursday, May 9th. The biotechnology company reported ($0.42) earnings per share for the quarter, topping the consensus estimate of ($0.45) by $0.03. Iovance Biotherapeutics had a negative return on equity of 71.45% and a negative net margin of 23,615.70%. The business had revenue of $0.72 million during the quarter, compared to analysts’ expectations of $1.99 million. During the same quarter in the previous year, the firm earned ($0.50) EPS. The firm’s revenue was up 71400.0% compared to the same quarter last year. On average, research analysts expect that Iovance Biotherapeutics will post -1.34 earnings per share for the current year.

Hedge Funds Weigh In On Iovance Biotherapeutics

Several large investors have recently made changes to their positions in the business. Avoro Capital Advisors LLC raised its holdings in Iovance Biotherapeutics by 74.6% in the 1st quarter. Avoro Capital Advisors LLC now owns 11,700,000 shares of the biotechnology company’s stock valued at $173,394,000 after acquiring an additional 5,000,000 shares in the last quarter. Vanguard Group Inc. raised its holdings in Iovance Biotherapeutics by 9.2% in the 1st quarter. Vanguard Group Inc. now owns 24,915,300 shares of the biotechnology company’s stock valued at $369,245,000 after acquiring an additional 2,102,480 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Iovance Biotherapeutics by 60.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,267,864 shares of the biotechnology company’s stock valued at $78,071,000 after acquiring an additional 1,991,262 shares in the last quarter. Norges Bank acquired a new position in Iovance Biotherapeutics in the 4th quarter valued at approximately $9,109,000. Finally, Invenomic Capital Management LP acquired a new position in Iovance Biotherapeutics in the 4th quarter valued at approximately $8,563,000. Institutional investors and hedge funds own 77.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on IOVA. Piper Sandler boosted their target price on Iovance Biotherapeutics from $18.00 to $19.00 and gave the company an “overweight” rating in a research note on Thursday, March 14th. JMP Securities lowered their target price on Iovance Biotherapeutics from $25.00 to $23.00 and set a “market outperform” rating on the stock in a research note on Thursday, June 20th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $32.00 price target on shares of Iovance Biotherapeutics in a research report on Friday, June 28th. One analyst has rated the stock with a sell rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.45.

Iovance Biotherapeutics Company Profile

Iovance Biotherapeutics, Inc, a commercial-stage biotechnology company, develops and commercializes cell therapies using autologous tumor infiltrating lymphocyte for the treatment of metastatic melanoma and other solid tumor cancers in the United States. The company offers Amtagvi, a tumor-derived autologous T cell immunotherapy used to treat adult patients with unresectable or metastatic melanoma; and Proleukin, an interleukin-2 product for the treatment of patients with metastatic renal cell carcinoma.